1800Petmeds , often known simply as petmeds , is an online pet pharmacy offering prescription and non-prescription pet medications and other health products for dogs, cats and horses. Its parent company, PetMed Express, Inc., was founded in 1996 and is traded publicly (NASDAQ:PETS).
Product lines
1800petmeds offers a large selection of products for dogs, cats and horses, both prescription and over-the-counter medications, health and nutritional products and animal foods, including a majority of the well-known brands of pet medications and private label products. In order to sell the prescription medication, 1800petmeds is a pharmacy licensed or authorized to conduct business in all 50 of the United States. 1800petmeds sells its products primarily to retail customers, as well as its non-prescription medications to various businesses, including pet stores, groomers, and traditional retailers in the United States.
The manufacturers of many products carried by 1800petmeds say that they will not honor any warranties or guarantees for products purchased through 1800petmeds or any other online pharmacies. For example, Merial guarantees that if a pet who receives proper heartworm testing and gets Heartguard or Heartguard Plus from their veterinarian is diagnosed with heartworm infection or disease, they will pay for all expenses involved in treating the pet. On the 1800PetMeds website, 1800PetMeds indicates that they guarantee complete satisfaction, and that they will honor all manufacturers' guarantees if the company refuses to.
Financial information
Pet Meds is a publicly traded company, listed on the Nasdaq Stock Exchange under the ticker symbol PETS. The company was picked 4th among Forbes Magazine's 200 Best Small Business Companies in 2006 and number 6 in 2007. BusinessWeek named 1800PetMeds number 27 of its top 100 "Hot Growth Companies" in 2006.
Company officers
Headquartered in Pompano Beach, Florida, 1800PetMeds is led by Robert C. Schweitzer, Chairman of the Board; Menderes Akdag, President, Chief Executive Officer and Director and Bruce S. Rosenbloom, Chief Financial Officer.
Advertising
In January 2007, Petmeds.com began airing television commercials featuring actress and animal activist Betty White. White who serves on the Morris Animal Foundation, a national research oriented group dedicated to improving the health of companion animals, is the author of Betty White's Pet Love - How Animals Take Care Of Us Of recent commercials with Ms. White have not been on television.
Controversies
In 1998, the Florida Pharmacy Board received several complaints against Petmeds alleging that the company had issued medications without a prescription from a veterinarian. The complaint was settled in 1999 with the FPB requiring Petmeds to pay a small fine without admitting any wrongdoing. The complaints involved the referral of prescription requests to an "alternate veterinarian," who had never had any contact with the pet (but who reviewed the pet’s medical history) after the pets' treating veterinarian declined to issue a prescription without supplying a medical reason for the refusal, thereby ignoring the judgment of a veterinarian who had a valid veterinarian-client-patient relationship in favor of someone who had never seen the pet.
In 2002, Petmeds was charged by the Florida Pharmacy Board for "operating an 'alternate veterinarian program' that contracted with veterinarians to write prescriptions for animals they had never examined". PetMeds agreed to pay penalties and dismantle the program, plus serve three years of probation and community service. The company reached a similar agreement in Ohio, including five years' probation. In 2002, Petmeds was sued by the Texas State Board of Veterinary Medical Examiners for similar issues to the Florida case. The suit was settled without any admission of wrongdoing.
In 2001, Petmeds and the United States Environmental Protection Agency settled a "stop sales order" after Petmeds had sold flea control products that had been purchased outside of the United States and therefore gave their dosages in metric numbers. The maker of the misbranded product, Novartis, also sued Petmeds and other pharmacies over the issue.
In 2004, after the company went public, six securities lawsuits were brought against Petmeds by its shareholders, claiming that Petmeds had delayed disclosing past problems in order time to allow its executives, including founder Marc Puleo, to sell off their shares. PetMed always maintained that the suits were without merit and in 2005, all six suits were voluntarily dismissed by the plaintiffs.
References
- ^ http://www.1800petmeds.com/dog.jsp, http://www.1800petmeds.com/cat.jsp, http://www.1800petmeds.com/horse.jsp
- ^ 1800PetMeds.com - Pharmacy Licensure
- ^ 1800PetMeds.com - Company Information
- ^ "Forbes 200 Best Small Companies of 2006". Forbes.com . http://www.forbes.com/lists/2006/23/biz_07200best_PetMed-Express_5OSH.html . Retrieved 2007-12-17 .
- ^ "Forbes 200 Best Small Companies of 2007". Forbes.com . http://www.forbes.com/lists/2007/23/biz_06200best_PetMed-Express_5OSH.html . Retrieved 2007-12-17 .
- ^ "Top 100 Hot Growth Companies for 2006". BusinessWeek.com . http://www.businessweek.com/magazine/content/04_23/b3886085.htm . Retrieved 2007-12-17 .
- ^ "Google Finance". Google Finance . http://finance.google.com/finance?q=NASDAQ:PETS . Retrieved 2007-12-17 .
- ^ a b c "Hoover's Business and Finance Profile". Answers.com . http://www.answers.com/topic/petmed-express-inc?cat=biz-fin . Retrieved 2007-12-28 .
- ^ "Florida Board of Pharmacy disciplines PetMed Express, Savemax", American Veterinary Medical Association, April 2002
- ^ http://www.avma.org/onlnews/javma/jun02/s020601a.asp#verdicts
- ^ "PetMed Express disciplined by Ohio State Board of Pharmacy"
- ^ "Oakland Tribune article". Bnet Research Center . http://findarticles.com/p/articles/mi_qn4176/is_20060113/ai_n16010379 . Retrieved 2007-12-28 .
- ^ Novartis sues Internet pharmacies for prescription drug violations - May 15, 200
External links
- Official website
- summary of legal actions brought against 1800petmeds, written by 1800petmeds
- "Purchasing Pet Drugs Online: Buyer Beware"
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